“Wary shale investors warn against drilling at all costs”: Financial Times on the buildup of debt in US shale

Mark Papa, one of the shale oil pioneers at EOG Resources and now chief executive at Centennial Resource Development, is a key shale investor. His view: “If you outspend cash flow on stupid investments & destroy capital, I’m not just going to be mad at you, I’m going to punish you…”

The multi-hundred billion dollar buildup of debt by American shale drillers is a long-running theme on my website. In my experience far too few people understand that the hiking of US oil production by fracking in shale has for the most part been achieved unprofitably. The subject is covered far too little by the mainstream media, and this article is an exception.